PACCAR Inc. $PCAR Shares Sold by Washington Trust Bank

Washington Trust Bank lessened its holdings in PACCAR Inc. (NASDAQ:PCAR) by 0.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 759,564 shares of the company’s stock after selling 625 shares during the quarter. PACCAR accounts for about 6.1% of Washington Trust Bank’s holdings, making the stock its biggest position. Washington Trust Bank owned approximately 0.14% of PACCAR worth $72,204,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PCAR. Vanguard Group Inc. lifted its position in shares of PACCAR by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 62,995,929 shares of the company’s stock valued at $6,133,914,000 after acquiring an additional 1,113,520 shares during the period. Wellington Management Group LLP increased its holdings in PACCAR by 20.1% during the 1st quarter. Wellington Management Group LLP now owns 20,177,930 shares of the company’s stock valued at $1,964,725,000 after acquiring an additional 3,379,165 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in PACCAR by 9.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 11,754,939 shares of the company’s stock valued at $1,144,578,000 after acquiring an additional 987,805 shares in the last quarter. Northern Trust Corp raised its position in PACCAR by 0.5% during the first quarter. Northern Trust Corp now owns 7,239,967 shares of the company’s stock worth $704,956,000 after acquiring an additional 37,609 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of PACCAR by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,104,056 shares of the company’s stock worth $594,277,000 after purchasing an additional 97,197 shares in the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

PACCAR Trading Up 3.9%

PACCAR stock opened at $100.74 on Thursday. The stock has a market cap of $52.90 billion, a P/E ratio of 19.71, a P/E/G ratio of 4.11 and a beta of 0.94. The company has a quick ratio of 1.51, a current ratio of 1.82 and a debt-to-equity ratio of 0.57. PACCAR Inc. has a 12 month low of $84.65 and a 12 month high of $118.81. The company’s fifty day simple moving average is $98.39 and its 200-day simple moving average is $96.32.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.02). PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The business had revenue of $6.67 billion for the quarter, compared to the consensus estimate of $6.23 billion. During the same period in the previous year, the business posted $1.85 EPS. PACCAR’s revenue was down 20.7% compared to the same quarter last year. As a group, sell-side analysts forecast that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 3rd. Stockholders of record on Wednesday, November 12th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Wednesday, November 12th. PACCAR’s dividend payout ratio is 25.83%.

Insider Activity at PACCAR

In related news, CFO Brice J. Poplawski sold 3,369 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $101.15, for a total value of $340,774.35. Following the transaction, the chief financial officer directly owned 468 shares of the company’s stock, valued at approximately $47,338.20. This trade represents a 87.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.02% of the company’s stock.

Analysts Set New Price Targets

PCAR has been the topic of several recent analyst reports. Raymond James Financial reissued a “market perform” rating on shares of PACCAR in a research note on Tuesday, October 21st. Weiss Ratings downgraded shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $90.00 price target on shares of PACCAR in a report on Tuesday, October 21st. Evercore ISI set a $114.00 price objective on PACCAR and gave the stock an “outperform” rating in a research report on Tuesday, August 19th. Finally, JPMorgan Chase & Co. raised their price objective on shares of PACCAR from $103.00 to $108.00 and gave the company a “neutral” rating in a research note on Wednesday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $106.59.

About PACCAR

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.